Share “Scripps Networks 1Q profit rises 19 pct”

Scripps Networks 1Q profit rises 19 pct

Published on NewsOK Modified: May 8, 2014 at 1:31 pm •  Published: May 8, 2014

KNOXVILLE, Tenn. (AP) — Scripps Networks Interactive Inc., which owns the cable channels HGTV, Food Network and Travel Channel, said Thursday its first-quarter profit jumped 19 percent, helped by increases in revenue from both advertising and affiliate fees.

For the quarter ended March 31, Scripps earned $128.3 million, or 87 cents per share, compared with $107.8 million, or 72 cents per share, in the same quarter of 2013.

Operating revenue rose 8 percent to $643.7 million from $594.4 million.

Analysts, on average, expected earnings of 82 cents per share on $645.5 million in revenue, according to FactSet.

Advertising revenue increased 10 percent to $434 million, while affiliate fee revenue rose 7 percent to $201 million.

Its shares rose $2.20, or 3 percent, to $76.67 in afternoon trading Thursday. Its shares had fallen 14 percent so far this year through Wednesday's close.